Classify the gain or loss on each of George's assets listed below using the following codes. Note: a code may be used once, more than once, or not at all.
a.Long-term capital
b.Short-term capital
c.Collectible gain
d.Section 1231
e.Section 1245
f.Section 1250
g.Ordinary income/loss
h.Nontaxable/nondeductible
-After using a house as his personal home for 20 years,George converts it in 2006 to an office building for use in his construction business.He sells the building at a $65,000 loss in 2015.

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The Answer of Classify the gain or loss on each of George's assets listed below using the following codes. Note: a code may be used once, more than once, or not at all.
a.Long-term capital
b.Short-term capital
c.Collectible gain
d.Section 1231
e.Section 1245
f.Section 1250
g.Ordinary income/loss
h.Nontaxable/nondeductible
-After using a house as his personal home for 20 years,George converts it in 2006 to an office building for use in his construction business.He sells the building at a $65,000 loss in 2015.

Classify the Gain or Loss on Each of George's Assets